Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 10.6% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) dropped 10.6% during trading on Friday . The stock traded as low as $17.21 and last traded at $17.54. Approximately 3,121,923 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 8,164,279 shares. The stock had previously closed at $19.63.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BTDR shares. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday. UBS Group reissued a “buy” rating on shares of Bitdeer Technologies Group in a research report on Thursday, February 12th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, May 20th. Rosenblatt Securities upped their price objective on Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Weiss Ratings upgraded Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Monday, May 18th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Bitdeer Technologies Group has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Bitdeer Technologies Group Trading Down 10.9%

The company’s fifty day moving average is $12.75 and its two-hundred day moving average is $11.61. The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of -5.08 and a beta of 2.45.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The firm had revenue of $188.93 million for the quarter, compared to analyst estimates of $184.02 million. During the same quarter last year, the firm earned ($0.37) EPS. The company’s revenue was up 169.5% on a year-over-year basis. On average, research analysts predict that Bitdeer Technologies Group will post -1.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in Bitdeer Technologies Group by 1,366.7% during the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock worth $27,919,000 after buying an additional 3,007,523 shares during the last quarter. Situational Awareness LP increased its holdings in shares of Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after acquiring an additional 1,651,450 shares during the last quarter. Royal Bank of Canada raised its position in shares of Bitdeer Technologies Group by 80.2% during the 1st quarter. Royal Bank of Canada now owns 9,548 shares of the company’s stock worth $83,000 after acquiring an additional 4,250 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Bitdeer Technologies Group by 9.5% during the first quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock worth $294,000 after purchasing an additional 2,950 shares during the last quarter. Finally, Quantinno Capital Management LP purchased a new stake in Bitdeer Technologies Group during the first quarter worth approximately $131,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.